asking for a raise http://www.wisebread.com/taxonomy/term/12420/all en-US How to Negotiate a Raise Out of the Blue http://www.wisebread.com/how-to-negotiate-a-raise-out-of-the-blue <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-negotiate-a-raise-out-of-the-blue" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/business_people_at_the_cafe_restaurant_0.jpg" alt="Business People at the Cafe Restaurant" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p><em>I want a raise.</em> It's a thought that most people have at some point or another. After all, you're an outstanding employee. You work hard. Of course you deserve a raise.</p> <p>A yearly or biyearly raise is common, but not a guarantee. In certain instances, it may fall upon you as the employee to ask for an increase in pay.</p> <p>Raises outside the normal pay structure should be treated like salary negotiations. The more leverage you bring to the table, the higher the chance you'll get something out of the negotiation. Here are a few things to keep in mind as you build your case.</p> <h2>Consider the company</h2> <p>Before you waste time cooking up a strategy, be realistic about the organization that employs you. Is it the type of company that works hard to cultivate and keep talent? Or is there a high turnover rate with little value placed on individual contributions?</p> <p>If the company doesn't value its workers, you can certainly open the topic of a raise, but the chances of a successful negotiation may not be in your favor. After all, why pay an employee more when there are countless individuals that will do the same job for less? In these circumstance, you would be better served focusing your time on looking for a job elsewhere.</p> <p>There's also the issue of financials. Is the organization financially stable enough to give you an unplanned raise? If the company isn't in a good place, the chances of obtaining a raise might be less likely. In these instances, you should come to the table with concrete evidence of how you've exceeded expectations in your contributions to the company. It's vital that you prove that a raise will be a long-term investment that could turn the company around. (See also: <a href="http://www.wisebread.com/the-absolute-worst-ways-to-ask-for-a-raise?ref=seealso" target="_blank">The Absolute Worst Ways to Ask for a Raise</a>)</p> <h2>Consider your performance</h2> <p>Now, you must ask yourself objectively: Do you deserve a raise?</p> <p>A raise, especially an unplanned raise, is a financial investment by your employer. Before you even broach the topic, analyze your last six to eight months with the company. Here are a few questions to ask yourself:</p> <ul> <li> <p>Have you taken on new tasks that are outside of your normal duties?</p> </li> <li> <p>Do you outperform your coworkers?</p> </li> <li> <p>Do you consistently get verbal or written praise by management for a job well done?</p> </li> <li> <p>Do you contribute to the development and performance of coworkers?</p> </li> <li> <p>Do you earn extra financial gains for the company?</p> </li> <li> <p>Is your current wage below the normal pay for the profession in the surrounding area?</p> </li> </ul> <p>You should, ideally, be able to answer yes to at least a few of the above questions. If you can't answer yes to <em>any</em> of the questions, you probably don't have enough leverage to negotiate a raise successfully. It would be smarter to wait until you have more evidence in your corner before approaching management about a salary negotiation. (See also: <a href="http://www.wisebread.com/5-times-you-should-demand-a-raise?ref=seealso" target="_blank">5 Times You Should Demand a Raise</a>)</p> <h2>Preparing for a salary negotiation</h2> <p>As you prepare to ask for a raise, begin to collect evidence that you deserve one. Make a list of your noteworthy projects or accomplishments over the past year. You can write your accomplishments out in a resume, but it's not required. You should at least be able to speak about them in detail if necessary. You can start by:</p> <ul> <li> <p>Making note of any tasks that have been added to your regular duties.</p> </li> <li> <p>Listing any big projects you successfully completed or led.</p> </li> <li> <p>Quantifying above-average productivity or success.</p> </li> <li> <p>Documenting any positive remarks from individuals in management about your performance over the past year.</p> </li> </ul> <p>If you don't already know it, research what the average salary is for other professionals in your field <em>and</em> region. You don't want to try to argue that you deserve a wage equivalent to a big city salary if you work in an area with a lower cost of living and lower salaries overall. You can check Glassdoor or Salary.com for average salary stats in a number of fields and regions.</p> <h2>Be flexible during negotiations</h2> <p>When you do engage in salary negotiations, be flexible. Salary negotiations might not lead to a direct monetary raise. The company might not be prepared to invest more in personnel salaries or they might have a very strict pay structure that management doesn't have the power to override.</p> <p>Don't be afraid to explore other types of perks or benefits that the company could offer to ensure a long-term partnership. Other perks that might be negotiated are:</p> <ul> <li> <p>The ability to telecommute.</p> </li> <li> <p>A more flexible work schedule.</p> </li> <li> <p>Company-funded education or training opportunities.</p> </li> <li> <p>An increase in paid or unpaid vacation time.</p> </li> <li> <p>A new cash or share bonus.</p> </li> </ul> <p>If management cannot offer a new perk or benefit, it might be a good opportunity to move the discussion to preparing for potential promotion opportunities. It's not uncommon for management to groom interested individuals for higher level positions within the company.</p> <p>A salary negotiation, at its core, is a means to talk about how a company and individual can work together to pursue a mutually beneficial long-term partnership. Professionals who approach the conversation from that mindset have a higher chance of success and lower chance of walking away disappointed.</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2Fhow-to-negotiate-a-raise-out-of-the-blue&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2FHow%2520to%2520Negotiate%2520a%2520Raise%2520Out%2520of%2520the%2520Blue.jpg&amp;description=How%20to%20Negotiate%20a%20Raise%20Out%20of%20the%20Blue"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/How%20to%20Negotiate%20a%20Raise%20Out%20of%20the%20Blue.jpg" alt="How to Negotiate a Raise Out of the Blue" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/samantha-stauf">Samantha Stauf</a> of <a href="http://www.wisebread.com/how-to-negotiate-a-raise-out-of-the-blue">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-good-reasons-to-become-a-contractor">8 Good Reasons to Become a Contractor</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/crime-scene-cleaner-and-4-other-trades-that-pay-surprisingly-well">Crime Scene Cleaner and 4 Other Trades That Pay Surprisingly Well</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-what-to-do-if-you-dont-make-enough-money-at-your-job">Here&#039;s What to Do if You Don&#039;t Make Enough Money at Your Job</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-signs-you-arent-making-enough-money">6 Signs You Aren&#039;t Making Enough Money</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-times-a-higher-salary-isnt-worth-it">6 Times a Higher Salary Isn&#039;t Worth It</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career Building asking for a raise benefits employment negotiations pay bump promotion salary Mon, 26 Feb 2018 09:30:10 +0000 Samantha Stauf 2107893 at http://www.wisebread.com 4 Retirement Planning Moves Every 20-Something Must Make http://www.wisebread.com/4-retirement-planning-moves-every-20-something-must-make <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/4-retirement-planning-moves-every-20-something-must-make" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/group_of_mixed_race_people_holding_piggy_bank.jpg" alt="Group of mixed race people holding Piggy Bank" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>When you're in your 20s, retirement seems pretty far in the future. But you might be surprised: The end of your working days isn't as far away as you think. Even though you're just starting out in your career, you should be taking important steps now to improve your odds of a financially stable retirement later. (See also: <a href="http://www.wisebread.com/retirement-planning-if-you-re-under-30?ref=seealso" target="_blank">Retirement Planning If You're Under 30</a>)</p> <h2>Start saving early</h2> <p>Again, you might think as a 20-something that you're too far away from retirement to worry about it. But saving as early as you can &mdash; like, right after you enter the workforce &mdash; can pay off big when it's time to retire.</p> <p>The easiest way to start saving early for retirement is to take advantage of your employer's 401(k) plan. This plan allows you to set aside a percentage of each paycheck in a mutual fund. You contribute every week, and thanks to the magic of compounding, your retirement savings will grow more quickly the more you've contributed. Your employer may also match up to a certain percentage of your contributions. That's free money you never want to leave on the table.</p> <p>The goal, of course, is to have enough money saved that, with the help of other outside income such as Social Security payments, you'll be able to live a happy and healthy lifestyle after retiring &mdash; one in which you won't have to worry about money.</p> <p>The faster you start putting money away, the easier it is to reach this goal. Financial analysts say you should put away at least 10 percent of every paycheck for retirement starting in your 20s. If you can put away more, that's even better. (See also: <a href="http://www.wisebread.com/5-dumb-401k-mistakes-smart-people-make?ref=seealso" target="_blank">5 Dumb 401(k) Mistakes Smart People Make</a>)</p> <h2>Ask for more money</h2> <p>It's an older study, but 2010 research from Temple and George Mason Universities discovered an interesting trend: If you get a raise early in your career, it can have a compounding effect on your salary for the rest of your working life.</p> <p>The study used an example of a 25-year-old employee starting out with a $50,000 salary versus a $55,000 salary. Assuming a 5 percent annual pay raise, the employee who started out with an additional $5,000 would earn over $600,000 more during a 40-year career. Just think how far those extra funds could go toward saving for retirement.</p> <p>The lesson here? Don't be shy about asking your employer for a raise. You might not get $5,000, but even a small raise of $2,000 or $3,000 can pay off over time as you boost your earning power. It's easier to save more money for retirement when you are earning a higher salary. That 10 to 15 percent you save from each paycheck will naturally be higher if those paychecks are larger. (See also: <a href="http://www.wisebread.com/you-should-always-negotiate-a-raise-here-are-10-reasons-why?ref=seealso" target="_blank">You Should Always Negotiate a Raise: Here Are 10 Reasons Why</a>)</p> <h2>Build an emergency fund</h2> <p>While it's important to set aside money for retirement, it's equally necessary to <a href="http://www.wisebread.com/7-easy-ways-to-build-an-emergency-fund-from-0?ref=seealso" target="_blank">save money for an emergency fund</a>. As the name suggests, an emergency fund is a pool of money, usually in a risk-free savings account, that you draw from when you need a quick infusion of cash to pay for unexpected events such as a new car transmission or medical bill.</p> <p>Why does this account matter for retirement savings? If you don't have an emergency fund, you're more likely to cover financial emergencies with your credit card. This leads to a large increase in high-interest debt. If you're then devoting too much money to paying down this debt, you won't have as many dollars to put toward retirement.</p> <p>Early in your 20s is a great time to start building that emergency fund. Financial experts recommend that you have at least six months' to a year's worth of daily living expenses saved in your emergency account at all times. Start building toward that goal now.</p> <h2>Tackle student loan debt</h2> <p>If you're like many 20-somethings, you're dealing with tens of thousands of dollars in student loan debt. The faster you pay this off, the better.</p> <p>If you have any extra money, put it toward your student loan debt. Just make sure that your loan servicer is using this extra money to pay off the principal balance and not the interest.</p> <p>The faster you pay off your student loans, the more money you'll have for saving for retirement. Paying off your college debt might seem like a struggle now, especially when your income is lower, but in a few years, you'll be thankful you did it. (See also: <a href="http://www.wisebread.com/8-surprising-ways-to-pay-off-your-student-loans?ref=seealso" target="_blank">8 Surprising Ways to Pay Off Your Student Loans</a>)</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F4-retirement-planning-moves-every-20-something-must-make&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F4%2520Retirement%2520Planning%2520Moves%2520Every%252020-Something%2520Must%2520Make_0.jpg&amp;description=4%20Retirement%20Planning%20Moves%20Every%2020-Something%20Must%20Make"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/4%20Retirement%20Planning%20Moves%20Every%2020-Something%20Must%20Make_0.jpg" alt="4 Retirement Planning Moves Every 20-Something Must Make" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/4-retirement-planning-moves-every-20-something-must-make">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-money-moves-every-new-college-student-should-make">7 Money Moves Every New College Student Should Make</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-money-moves-to-make-the-moment-you-graduate">5 Money Moves to Make the Moment You Graduate</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-smart-things-you-can-do-with-your-finances-even-if-youre-broke">15 Smart Things You Can Do With Your Finances, Even if You&#039;re Broke</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/9-money-moves-youre-never-too-old-to-make">9 Money Moves You&#039;re Never Too Old to Make</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/saving-goals-for-every-age">Saving Goals for Every Age</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance 20 somethings 401(k) asking for a raise compound interest emergency funds employer match money moves student loans young adults Tue, 31 Oct 2017 08:00:06 +0000 Dan Rafter 2039973 at http://www.wisebread.com 6 Signs You Aren't Making Enough Money http://www.wisebread.com/6-signs-you-arent-making-enough-money <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-signs-you-arent-making-enough-money" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_stressed_computer_000044901658.jpg" alt="Woman learning signs she isn&#039;t making enough money" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Living paycheck to paycheck can take a toll on your stress levels and emotional wellbeing. It can also greatly impact your financial wellbeing both in the present and in the future. If you aren't confident about your financial future, then it's time to make a change. Here are a few signs that you need to spend less &mdash; or make more.</p> <h2>1. Your Bills Are Overwhelming</h2> <p>If you don't make enough to pay your bills every month, then you need to make more. Even paying the minimum amount on your bills is not enough. You should be working to pay off your debt, without having to worry about making enough to buy food every month.</p> <p>Overdrawing your checking account, paying your bills late every month, or ignoring your financial obligations altogether can make the problem much worse. If you commit any of these bad habits, then you'll have to worry about overdraft fees, bounced check fees, and may even be sent to collections. (See also: <a href="http://www.wisebread.com/how-late-payments-affect-your-credit?ref=seealso">How Late Payments Affect Your Credit</a>)</p> <h2>2. Your Budgeting Isn't Enough</h2> <p>The best way to get more out of every paycheck is to simply spend less. Creating a budget can be the right step towards making lasting changes that will pay off big in the end. However, what do you do if you have already created a budget and cut out all the unnecessary spending you can, but still aren't making enough? You'll need to find a way to make more money.</p> <h2>3. You Have No Savings</h2> <p>If you aren't able to pay down your debt and set aside money for your savings and retirement accounts, then you simply need to make more. In the event that there is a large unexpected expense coming your way, you should have some savings to cover it. It is crucial that you set aside money for your future, and if you aren't, then you need to do something to change the present.</p> <p>It's important to keep your money goals and future finances in mind. It's essential that you are saving for your future, in the event that you experience a pay cut or layoff. Saving for retirement is also one of the most important things you can do for your future self. If you aren't reaching your short and long-term financial goals, then you aren't making enough money.</p> <h2>4. You Keep Relying On Credit Cards</h2> <p>If you find that you are relying on your credit cards just to make ends meet, and are only paying the minimum on your credit cards month after month, you're heading towards prolonged debt and a host of other problems. This can result in a <a href="http://www.wisebread.com/7-ways-to-increase-your-credit-score-quickly" target="_blank">lower credit score</a> and less money available for your savings account. In the long run, you'll also be responsible for higher interest charges and credit card payments.</p> <h2>5. Your Paycheck Disappears in No Time</h2> <p>If you spend the bulk of your paycheck in the first couple of days, then there's a problem. You should have more than just enough to pay your bills. There should be money left to save and invest towards retirement. Everyone has a bad month from time to time, but if you find that your paycheck runs out within the first week of every month, then you may be overspending or simply not making enough.</p> <p>Special occasions occur for most people several times per year. During these times, you'll want to have a little money set aside (for holidays, anniversaries, birthdays, and other occasions that can cut into your pay). The last thing you want to worry about is breaking out the credit cards just because you need to buy gifts for the kids.</p> <h2>6. You Feel Undervalued</h2> <p>If you feel you aren't being paid enough at your current job, then you may get resentful and less productive. Consider speaking with your manager about what you bring to the table and ask for a raise. The worst they can say is &quot;No.&quot;</p> <p>If you decide to ask for a raise, then you need to first determine <a href="http://www.wisebread.com/are-you-underpaid-how-to-figure-out-what-salary-you-deserve">what your time is worth</a>. Use a salary calculator or salary comparison site, and find out what the average salary is for your career so that you have that information on your side when you speak with management. (See also: <a href="http://www.wisebread.com/getting-the-most-out-of-salary-comparison-sites?ref=seealso">Getting the Most Out of Salary Comparison Sites</a>)</p> <h2>Is It Time to Make a Move?</h2> <p>If you realize it's time to make a move, then there are several steps you can take. If you haven't <a href="http://www.wisebread.com/build-your-first-budget-in-5-easy-steps">worked on a budget</a> yet, then it's time to do so. You can also take steps to reduce your rent, find alternate forms of transportation, or simply spend less. You may also need to consider changing employment or taking on a weekend or side job.</p> <p><em>Do you know of other signs that a person just isn't making enough? Please share your thoughts in the comments!</em></p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F6-signs-you-arent-making-enough-money&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F6%2520Signs%2520You%2520Aren%2527t%2520Making%2520Enough%2520Money.jpg&amp;description=6%20Signs%20You%20Aren't%20Making%20Enough%20Money"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><em><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/6%20Signs%20You%20Aren%27t%20Making%20Enough%20Money.jpg" alt="6 Signs You Aren't Making Enough Money" width="250" height="374" /></em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/andrea-cannon">Andrea Cannon</a> of <a href="http://www.wisebread.com/6-signs-you-arent-making-enough-money">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-good-reasons-to-become-a-contractor">8 Good Reasons to Become a Contractor</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-negotiate-a-raise-out-of-the-blue">How to Negotiate a Raise Out of the Blue</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-what-to-do-if-you-dont-make-enough-money-at-your-job">Here&#039;s What to Do if You Don&#039;t Make Enough Money at Your Job</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-to-keep-holiday-spending-from-blowing-debt-repayment">6 Ways to Keep Holiday Spending From Blowing Debt Repayment</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/are-your-financial-habits-just-bad">Are Your Financial Habits Just Bad?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Budgeting Career Building Debt Management asking for a raise bills paycheck to paycheck salary underpaid wages Mon, 23 May 2016 09:30:20 +0000 Andrea Cannon 1714251 at http://www.wisebread.com Best Money Tips: How to Ask Your Boss for a Raise http://www.wisebread.com/best-money-tips-how-to-ask-your-boss-for-a-raise <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-how-to-ask-your-boss-for-a-raise" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/cash-1901096-small.jpg" alt="cash" title="cash" class="imagecache imagecache-250w" width="250" height="160" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some stellar articles on how to ask your boss for a raise, frugal ways to move, and getting the best price when selling back textbooks.</p> <h2>Top 5 Articles</h2> <p><a href="http://www.learnvest.com/2014/05/how-to-ask-for-a-raise/">The Right Way to Ask for a Raise&hellip; and Get What You Deserve</a> &mdash; If you want a raise, develop a persausive argument that details your accomplishments and be straightforward. [LearnVest]</p> <p><a href="http://www.bargaineering.com/articles/4-frugal-ways-move.html">4 Frugal Ways to Move</a> &mdash; Taking less stuff with you can make it cheaper for you to move. [Bargaineering]</p> <p><a href="http://www.kiplinger.com/article/college/T042-C011-S001-get-the-best-price-when-selling-back-textbooks.html">Get the Best Price When Selling Back Textbooks</a> &mdash; Students should use sites like CampusBooks.com to help them get the most when selling their textbooks. [Kiplinger]</p> <p><a href="http://www.moneytalksnews.com/2013/05/07/4-ridiculous-international-travel-fees/">4 Ridiculous International Travel Fees</a> &mdash; Did you know if you are traveling internationally, you can get charged for booking travel over the phone? [Money Talks News]</p> <p><a href="http://sweatingthebigstuff.com/why-saving-your-20s-so-important/">Why Saving In Your 20s Is Easier Than Waiting</a> &mdash; It is easier to save in your 20s because you have fewer financial responsibilities. [Sweating The Big Stuff]</p> <h2>Other Essential Reading</h2> <p><a href="http://www.savvysugar.com/How-Sell-TV-30457345">The Definitive Guide to Selling a TV</a> &mdash; To get a starting price for a TV you want to sell, check out GadgetValue. [PopSugar Smart Living]</p> <p><a href="http://www.creditsesame.com/blog/why-mortgage-lenders-are-turning-you-down/">Why Mortgage Lenders are Turning You Down</a> &mdash; Mortgage lenders may be turning you down because of your debt-to-income ratio. [Credit Sesame]</p> <p><a href="http://parentingsquad.com/out-of-the-box-baby-shower-gifts-that-mom-might-actually-like">23 Out-of-the-Box Baby Shower Gifts for New Moms</a> &mdash; If you have a baby shower coming up, consider getting the mom-to-be a maternity massage. [Parenting Squad]</p> <p><a href="http://www.freemoneyfinance.com/2013/05/monopoly-makes-you-think-about-money.html">Monopoly Makes You Think About Money</a> &mdash; Monopoly shows you how to budget by making you maintain a balance between cash, properties, and buildings. [Free Money Finance]</p> <p><a href="http://money.msn.com/saving-money-tips/post.aspx?post=e75ef057-a792-4ae8-8858-ceab1aa83abc&amp;ref=bfv">Why we buy clothes we don't wear</a> &mdash; Avoid buying clothes you won't wear by shopping for your real life, not the &quot;fantasy version.&quot; [MSN Money]</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-jacobs">Ashley Jacobs</a> of <a href="http://www.wisebread.com/best-money-tips-how-to-ask-your-boss-for-a-raise">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-8-worst-things-good-employees-do">The 8 Worst Things Good Employees Do</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-important-signs-that-your-job-sucks">10 Important Signs That Your Job Sucks</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-simple-steps-to-discovering-your-true-salary-potential">6 Simple Steps to Discovering Your True Salary Potential</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-negotiate-higher-pay-at-your-next-new-job">How to Negotiate Higher Pay at Your Next New Job</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-things-you-should-never-do-after-getting-a-raise">10 Things You Should Never Do After Getting a Raise</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career and Income asking for a raise best money tips boss raise Mon, 13 May 2013 10:00:31 +0000 Ashley Jacobs 974031 at http://www.wisebread.com Why Women Don't Negotiate http://www.wisebread.com/why-women-dont-negotiate <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/why-women-dont-negotiate" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/4042513788_b6de77ac87_z.jpg" alt="Woman on money" title="Woman on money" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p>Back in 2007, I wrote an article on Wise Bread about how women simply need to <a href="http://www.wisebread.com/earn-more-money-by-demanding-it">demand more money when negotiating a salary</a>, either at a new job or an existing one. It's not that I have a long history of excellent salary negotiating skills or anything. Over the years, I've wavered between superb and terrible, depending on what my employment status was at the time. Fully employed but seeking better opportunities? I'm a negotiating whiz. Teetering on the brink of financial collapse? I'm so soft and mushy you could cut me with a butter knife and pay me in Monopoly money. (See also: <a href="http://www.wisebread.com/conversation-killers-what-s-holding-you-back-from-negotiating">Conversation Killers: What's Holding You Back from Negotiating?</a>)</p> <p>I understand the fundamentals of salary negotiation. I know what my skills are worth in the marketplace. That doesn't mean that I have gotten comfortable with negotiating my salary. Even when I know that I have outperformed expectations and really made a difference in the workplace, I find it extraordinarily difficult to say, &quot;Thanks for the offer of a 1% increase, but I'll be needing at least a 6% pay raise.&quot;&nbsp;</p> <h3>It's Not Just Our Fault</h3> <p>For years I sort of assumed that this lack of skill&nbsp;was due to me being kind of a weenie. Women aren't really taught to be aggressive, and we are afraid of appearing like money-grubbers in front of our colleagues and supervisors. But this is our own problem, right? I certainly assumed so, because many financial gurus (ahem, Suze Orman) taught that a take-no-prisoners attitude was the key to success. I figured that I was simply too weak to get on board and demand more money, and that weakness was my own fault.</p> <p>So, a few weeks ago, when I heard a story on NPR about <a href="http://www.npr.org/2011/02/14/133599768/ask-for-a-raise-most-women-hesitate">women's lack of negotiating skills</a>, I was thinking, &quot;Yo, NPR, I'm really happy for you, and Imma let you finish, but I wrote the BEST ARTICLE OF ALL TIME about this topic four years ago.&quot; Because, honestly, what else is there to say about women learning to negotiate? Women don't haggle well because they find it scary. Women are kind of weak, and they need to learn not to fear demanding more money. That includes me, of course. Despite my own advice about how to negotiate for more, my heart still jumps in my throat during my annual salary review.</p> <p>&quot;Women need to get over that kind of thing,&quot; I muttered, only half-listening to NPR. And then I heard this part of the story:</p> <blockquote><p>[Carnegie Mellon Professor Linda] Babcock showed people videos of men and women asking for a raise, following the exact same script. People liked the man's style and said, &quot;Yes, pay him more.&quot; But the woman?</p> <p>&quot;People found that to be way too aggressive,&quot; Babcock says. &quot;She was successful in getting the money, but people did not like her. They thought she was too demanding. And this can have real consequences for a woman's career.&quot;</p> <p>To be clear, <em>both men and women thought this way. </em>(Emphasis added)</p> </blockquote> <p>The issue is not that women are weak. It's that for women, negotiating is risky. Women are not incorrect in being worried that asking for a raise will make them seem aggressive. They WILL be perceived as aggressive, in a negative way, even when they follow the exact same script as a man, asking for the same thing. In the business world, aggressiveness is seen as a negative trait in women, but a positive one in men.</p> <p><em>We actually know exactly how we will be perceived when we ask for more. </em>Women don't labor under the misconception that asking for higher pay might be seen as aggressive; <em>we live in a world where this is a fact</em>.</p> <p>And it's not just men who see women this way; <em>we see ourselves this way</em>.</p> <p>Part of me wants to say, &quot;Who cares? People need to learn that women can be aggressive.&quot; But this is an ingrained thought process, and those can be hard to change. Also, I've worked at companies with women who I loathed because of their overly aggressive and bossy nature. I'm as bad as anyone else when it comes to thinking that an aggressive, business-minded woman is just, to be frank, kind of a bitch.</p> <h3>What Does Lack of Negotiation Cost Women?</h3> <p>I've been thinking about the Carnegie Mellon study pretty much every day since the story first aired, and it bothers the heck out of me. It bothers me because I can completely believe the results of the study, in which a woman who acts exactly the same as a man is seen by observers as unlikable.</p> <p>On one hand, the study involved a small sampling of people, and only two subjects &mdash; one man and one woman. I have no idea if there really WAS something about this woman who struck totally reasonable study participants as really unlikable. But it's my suspicion that the issue really is deeper than that, and that we expect women to ask for things in a certain way, and men in another way.</p> <p>The problem with this expectation is that it ultimately hurts women. Knowing that we are going to be seen as unlikable when we state our cases for getting a raise makes us less likely to ask for a raise.</p> <blockquote><p>&quot;I tell my graduate students that by not negotiating their job at the beginning of their career, they're leaving anywhere between $1 million and $1.5 million on the table in lost earnings over their lifetime,&quot; Babcock says.</p> <p>And her figure doesn't even include company retirement contributions, which are also based on a share of salary.</p> </blockquote> <p>See that? Not asking for a raise can make a difference of $1 million in lost earnings over your lifetime. That's not just&nbsp;worrisome; it's&nbsp;tragic.</p> <h3>What Should Women Do?</h3> <p>How should women negotiate pay raises? After all, it's not fair to lose $1 million in earnings over the course of your career. According to the researchers who conducted the study:</p> <blockquote><p>Babcock and Harvard researcher Hannah Riley Bowles wanted to find a way for women to ask for more yet avoid this societal backlash. They tested various strategies and found some that do work. Women can justify the request by saying their team leader, for example, thought they should ask for a raise. Or they can convince the boss their negotiating skills are good for the company. The trick, Babcock says, is to conform to a feminine stereotype: appear friendly, warm, and concerned for others above yourself.</p> </blockquote> <p>I cannot possibly describe how much this idea rankles my Mount Holyoke-educated feminist brain. What is this, <em>Mad Men</em>? Why on Earth should I present myself as more concerned for everyone other than myself when asking for more money? Why shouldn't I expect to be able to present my case for increased salary in an honest way, regardless of whether or not the presentation isn't immediately palatable to a superior? Isn't that how social change occurs?</p> <p>On the other hand, which issue is more important at the moment: My salary or the societal expectations that are placed upon women? I don't mean to suggest that I alone, by negotiating like a man, will somehow change the course of cultural norms and allow women to be at least as aggressive as men in the realm of salary negotiations. I alone do not have that kind of power.</p> <h3>My Negotiation Debate</h3> <p>Should I still charge forward and hope that other women will do the same, thus forever changing the way that female negotiating skills are looked at? Or should I use my feminine wiles to increase my salary, even if it means communicating in a way that I find, frankly, rather repressive? I've certainly used womanly charms to get what I wanted before, even though I am rather loathe to admit it. Then again, I don't know if flirting with a store clerk for a discount is actually hurtful to my fellow women, because it seems like such a harmless act.</p> <p>When it comes to the world of salary negotiation, I am certainly torn. My salary, and its steady, incremental increase are crucial to my long-term <a href="http://www.wisebread.com/6-steps-for-a-womans-financial-self-defense">financial security</a>. As such, my concern over my salary might outweigh my concern for how women, and American women in particular, are forced to be passive-aggressive in their requests for increased monetary compensation. Wouldn't it be nice, though, if this was an issue that had already been resolved?</p> <p><em>How do other women feel about this? Would you rather be straightforward in your negotiating? Or have you already worked out a system for asking for pay raises?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/andrea-karim">Andrea Karim</a> of <a href="http://www.wisebread.com/why-women-dont-negotiate">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-answer-23-of-the-most-common-interview-questions">How to Answer 23 of the Most Common Interview Questions</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-jobs-that-pay-over-50k-and-dont-require-a-bachelors-degree">5 Jobs That Pay Over $50K and Don&#039;t Require a Bachelor&#039;s Degree</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-work-from-home-jobs-for-people-who-hate-talking-on-the-phone">7 Work-From-Home Jobs for People Who Hate Talking on the Phone</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/this-interview-technique-will-get-you-hired">This Interview Technique Will Get You Hired</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-negotiate-a-raise-out-of-the-blue">How to Negotiate a Raise Out of the Blue</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career Building Job Hunting asking for a raise how to ask for a raise negotiating contracts salary negotiating women pay gap women's money Wed, 02 Mar 2011 13:00:13 +0000 Andrea Karim 492857 at http://www.wisebread.com Underpaid? Here’s How to Fix It. http://www.wisebread.com/underpaid-here-s-how-to-fix-it <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/underpaid-here-s-how-to-fix-it" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000012361531XSmall.jpg" alt="Happy woman at a computer" title="Happy woman at a computer" class="imagecache imagecache-250w" width="250" height="166" /></a> </div> </div> </div> <p>Are you underpaid? If yes, are you prepared to do something about it? The folks at <a href="http://www.getraised.com">GetRaised.com</a> are willing to bet $20 that you&rsquo;ll have your raise inside of six months with their help.</p> <h2>Find Out Where You Are on the Pay Scale</h2> <p>By simply inputting your career, location, and income data, GetRaised will tell you if you may be underpaid or not. Their sophisticated salary engine derives this conclusion from amalgamated government data, user data, and current job postings.&nbsp;In putting together this research, GetRaised noted that a huge majority of employees are actually underpaid. Some know it and aren&rsquo;t sure how to ask for a raise, while others wrestle with issues of whether they deserve a raise or not.</p> <p>GetRaised solves both of these problems by telling you if you are indeed underpaid, and then giving you the tools to successfully get a raise.</p> <h2>There Are Good Reasons to Ask for a Raise</h2> <p>The majority of the team behind GetRaised started off at <a href="http://www.wisebread.com/thrive-your-online-personal-financial-planner">Thrive</a>, an online financial planning service. &ldquo;When our data scientists were looking at the Thrive data, we noticed that women were actually better savers than men in that they were saving a higher percentage of their income, but because their income was so much lower, they were actually saving less money in total,&rdquo; says Matt Wallaert, Lead Scientist at GetRaised.com.</p> <p>And concerns about the&nbsp;<a href="http://www.wisebread.com/women-are-responsible-for-inequalities-in-the-workplace">increasing gender-wage gap</a>&nbsp;extend to everybody &mdash; male, female, overpaid, and underpaid.&ldquo;When people feel underpaid and undervalued, they aren&rsquo;t good, productive workers. They still go to work, but they go feeling miserable, and they make other people miserable,&rdquo; says Matt. And this contagious attitude can create some pretty miserable workplaces.</p> <h2>How GetRaised Works</h2> <h3>Step One</h3> <p>Input your career and location data for free on the <a href="http://www.getraised.com">GetRaised website</a> to discover if you are underpaid. If you are, move on to step two. (If not, pat yourself on the back for having an awesome employer.)</p> <h3>Step Two</h3> <p>Sign up to &ldquo;Get Raised&rdquo; for $20. They&rsquo;ll ask you a few more questions about your goals, employer, job, and circumstances. From this you&rsquo;ll receive a custom &ldquo;Raise Request,&rdquo; which is a letter for your boss that logically outlines your case for getting a raise and requests a meeting to discuss it.</p> <h3>Step Three</h3> <p>You&rsquo;ll receive a Raise Guide, which walks you through the process of getting a raise and gives you tips for making your request successful. In addition to the guide, you&rsquo;ll also gain access to your own Process Page, an online tool that keeps you on track to getting that raise, complete with checkpoints, reminders, and task lists.</p> <p>If you follow the process above and don&rsquo;t get a raise in six months, then your $20 is refunded from GetRaised. And since most raises are considerably more than $20, this appears to be a bet you can&rsquo;t lose.</p> <h2>Customer Support and Success Rate</h2> <p>Knowing this basic information about GetRaised, I had a few more questions about usability of &mdash; and rationality behind &mdash; the program. For example, I was concerned about customer service and their true dedication to helping people get the raises they deserve. Can a computer program alone really determine if you're underpaid and help you get a raise?</p> <p>&ldquo;While the site is designed to be self-contained and to have everything you need, customer support is something that is important to us: If you get stuck or have a special situation, you can always ask us and we&rsquo;ll try to help, usually within a few hours,&rdquo; says Avi Karnani, Lead Strategest at GetRaised.com. And it&rsquo;s not some underpaid (ha ha) pencil-pusher helping you either; even founding members of the team have been known to hop on the phone to help customers with their raise strategies.</p> <p>What is the success rate of Get Raised customers so far? &ldquo;GetRaised went live in early October, so it's still pretty early,&rdquo; says Matt. &ldquo;There isn't a lot of time for people to have generated a raise request, to have turned it in, to have had their meeting, and to have received their raise. That said, of the people who have gone through the process so far, all but one has received a raise, and that young gent is working for a startup that simply couldn't afford an increase: They instead gave him increased equity (which is the currency they have).&rdquo;</p> <p>Debbie (who asked that her last name be withheld) had an inkling that she was underpaid when she checked out GetRaised. And after going through the GetRaised process, she got her raise. &ldquo;The most helpful aspect of GetRaised for me was that the process guided my focus to what matters: Achievements, responsibilities and such. It's easy to get lost in details when trying to examine the job in which you're immersed on a day-to-day basis. GetRaised cleared the fog and helped me clearly identify what I needed to say to make my point.&rdquo;</p> <p>And try as I did to find a disgruntled GetRaised customer, I couldn&rsquo;t. As Debbie says, GetRaised is &ldquo;good value and a win/win situation. You'll either get your raise, or your money is refunded.&rdquo;</p> <p>Plus, financial assistance is available. &ldquo;We built GetRaised as much for waitresses as physicists,&rdquo; says Matt. So if you can&rsquo;t afford the $20 package, then you can apply for sponsorship. GetRaised will find an individual or organization willing to pay $10, and GetRaised will cover the rest.</p> <h2>Tips for Getting a Raise</h2> <p>Here are a few of the tips for successfully getting a raise that GetRaised walks you through:</p> <h3>It&rsquo;s Not All About You</h3> <p>Refrain from telling your boss that you &ldquo;want&rdquo; or &ldquo;deserve&rdquo; a raise. They care surprisingly little about what you want, and much more about how you add value to the business.</p> <h3>Keep Track of Your Accomplishments</h3> <p>Note dates of tenure, certifications, training programs, awards, or initiatives you spearheaded that resulted in new business. This is great fodder for creating your case as a raise-worthy employee.</p> <h3>Know Your Company&rsquo;s Budget Calendar</h3> <p>Asking for a raise just after the annual budgets have been submitted won&rsquo;t be very successful if there isn&rsquo;t money in that budget for you.</p> <h3>Go Above and Beyond</h3> <p>&ldquo;Raises really are earned more than given,&rdquo; says Avi. Although this is true, don&rsquo;t go and <a href="http://www.wisebread.com/america-is-the-no-vacation-nation">give up all your vacation time</a> in an attempt to become the model employee. I believe that even when you&rsquo;re gunning for a raise, a balanced approach to work &mdash; and life &mdash; speaks volumes.</p> <h3>Know What Else to Ask for If Money Isn&rsquo;t Available</h3> <p>There are lots of <a href="http://www.wisebread.com/small-business/9-tax-free-employee-benefits">tax-free employee perks</a> you can ask for if a monetary raise isn&rsquo;t in the cards. GetRaised&rsquo;s Raise Guide identifies these alternative options and helps you to pursue them.</p> <p>Right now, the only thing disheartening limitation I see with the GetRaised program is that only US residents can take advantage of it. Then again, you&rsquo;ve got to start somewhere.</p> <p>Are you underpaid? Go to <a href="http://www.getraised.com">GetRaised.com</a> to find out. You&rsquo;ve got nothing to lose, and possibly a higher paycheck to gain.</p> <p><em>Writer's note: I have no affiliate or vested interest in GetRaised. </em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/nora-dunn">Nora Dunn</a> of <a href="http://www.wisebread.com/underpaid-here-s-how-to-fix-it">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-negotiate-a-raise-out-of-the-blue">How to Negotiate a Raise Out of the Blue</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-signs-you-arent-making-enough-money">6 Signs You Aren&#039;t Making Enough Money</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/why-women-dont-negotiate">Why Women Don&#039;t Negotiate</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-career-moves-that-prove-youre-finally-a-grown-up">8 Career Moves That Prove You&#039;re Finally a Grown-Up</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-ways-to-bug-your-boss-for-more-money-and-get-it">4 Ways to Bug Your Boss for More Money – and Get It!</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career Building asking for a raise business website self improvement Tue, 09 Nov 2010 12:00:11 +0000 Nora Dunn 272496 at http://www.wisebread.com 4 Ways to Bug Your Boss for More Money – and Get It! http://www.wisebread.com/4-ways-to-bug-your-boss-for-more-money-and-get-it <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/4-ways-to-bug-your-boss-for-more-money-and-get-it" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/4894730690_e65d4d655a_b.jpg" alt="demonstration" title="demonstration" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>Everyone knows we're in a recession, but let's face it: You may deserve to get paid much more than what you're getting now! Before you blow off the idea that your work is worth a bump in the pay scale, check out these four clever tips for putting in a good word about your worth. (See also: <a href="http://www.wisebread.com/underpaid-here-s-how-to-fix-it" title="Underpaid? Here's How to Fix It.">Underpaid? Here's How to Fix It.</a>)</p> <h2>Wrangle References</h2> <p>This is an area where having an <a href="http://www.wisebread.com/effective-networking-in-a-one-horse-town">effective networking</a> style can really pay off. Asking your current customers, co-workers, and colleagues for a few kind words about your performance isn't just useful during a hunt for new work. It can be a powerful tool in moving up your current career ladder, as well. You don't have to be transparent in your reason for asking; a simple &quot;Would you mind sending an email with your thoughts on our working relationship?&quot; will do. Save the best in a file to arm yourself with at your next performance review or compensation discussion.</p> <h2>Research Rates</h2> <p>Some companies are large enough to set their own industry rates &mdash; and get them. Others are completely oblivious to what someone in your position <em>should</em> be making. If you've caught wind that your job tasks are on par for the course of a higher-ranking (and higher-paying) position, bring this up to your boss. Explain that you realize that they may not have the cash to pay the going rate for someone with your expertise, but would they meet you halfway?</p> <h2>Value Added</h2> <p>Often, it's not about what they hire you to do that matters. If you are especially well-connected, possess a task or skill that puts you at a unique advantage, or have a willingness to perform beyond your peers (24/7 availability, maybe?), it's something that you should be paid well for. Demand that you get compensated for this value by letting management know how much they are getting!</p> <h2>Show Them the Money</h2> <p>For many companies, it's really just about dollars and cents. Did you save the company $X over last year? Would a process you helped to develop bring in extra money over time? What's the bottom line of your individual worth to the company? If it's well over what they are paying you, now's the time to document and sell your potential <a href="http://www.wisebread.com/small-business/the-real-roi-of-social-media">return on investment (ROI)</a> with examples of how you can continue to grow in value.</p> <p>Once you've gotten the OK to discuss a pay raise with your boss (in the form of a performance review or other scheduled meeting), come prepared with facts for each of the four methods above, and be sure that there are no outside distractions that could derail your attempts. Be confident, make positive forward-thinking statements, and never apologize for your request for more cash. Remember, you're worth it &mdash; now it's time that your boss knew, too!</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/linsey-knerl">Linsey Knerl</a> of <a href="http://www.wisebread.com/4-ways-to-bug-your-boss-for-more-money-and-get-it">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/you-re-fired-20-signs-that-a-pink-slip-is-coming">You’re Fired! 20 Signs That a Pink Slip is Coming</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-answer-23-of-the-most-common-interview-questions">How to Answer 23 of the Most Common Interview Questions</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-important-signs-that-your-job-sucks">10 Important Signs That Your Job Sucks</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-to-use-technology-to-upgrade-your-career">6 Ways to Use Technology to Upgrade Your Career</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-warning-signs-that-it-is-not-the-job-for-you">6 Warning Signs that It Is Not the Job for You</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career Building asking for a raise boss career jobs more money Tue, 31 Aug 2010 14:00:08 +0000 Linsey Knerl 222606 at http://www.wisebread.com